Unlike other people who hate making new years resolutions, I fuckin love it. I love having a game plan or a solid list of short and long term goals I want to accomplish. That being said, I felt anxiety about not knowing where to focus my life or my goals.
After turning 39 in 2021, I made a goal to stop being a little comfortable bitch and wanted to take some risks with my money. I decided that the investment strategy would be real estate. I dove in to the subject like a junkie looking for the needle. I listened to podcasts and audiobooks, watched online seminars and poked the brains of anyone that had any experience. During the last quarter of 2021 I:
- Refinanced my house pulling out 200K
- Bought two townhouses
- Rented both townhouses
I 100% agree that real estate in the best and easiest way for the average person to build incredible wealth. Now that being said, I was still looking for my 2022 plan. More real estate was definitely an option, but I found myself being pulled away from that to focus on Life of the Party, my own home that I live in and a renewed focus on my health and fitness. It wasnt until I saw a townhouse on NYE that I became sure. The townhouse was in the same neighborhood as my first and was listed at nearly 50K under comps. However, the house needed significant work and undergoing this project would define the first quarter of 2022- and that wasn’t what I wanted. It wasnt until I saw this house and my reaction when considering buying it, that I became sure that real estate, in my mind, had been put on hold.
Now I find myself looking at Life of the Party as the cash cow I want to focus on. Yes, my strategy here in Va Beach is pretty solid. I just need to determine my price points, refine my pick up process, hire some help. The other angle I am working is to find a reliable employee in the Outer Banks or Northern Neck that wants to do this job. Essentially the million dollar questions comes down to how can I earn more income or the same while doing less. It’s not a matter of laziness, its a matter of removing myself from the tasks that can be outsourced- even if it means less profit for me. It’s the difference between a self employed person versus a business owner.
The time for recreational dispensaries is also near. I am speaking with my attorney tomorrow to discuss the legal structure of Coastal Cannabis and how to move that ball forward. I need to send out an email to interested investors.
Another item is property management. My in laws are interested in hiring us to become the next property managers for The Yellow Brick Road. I like the idea of property management because its the type of business where the majority of the bullshit that takes up property manager’s time can be outsourced. Taking rent payments and answering the phones from tenants can be automated through technology.
